Wednesday, March 21, 2007

Sony fesses up to price-fixing

Sony, others named in video tape price-fixing scheme - Engadget

At some point, I'm going to need to make a

Sony is at their shenannigans again, although I can't say that I didn't expect it or I'm surprised. At least they were *gasp* honest and admitted to their crime. They've been price-fixing, and have lowered their head in shame. In short, they've been colluding with other companies in order to keep prices high (and less competitive). This is illegal in the United States, but not in other countries such as Canada and Australia.

Companies convicted of price-fixing this go-round could be fined up to 10% of their global sales. Ouch.

If you are wondering how this has affected you, price-fixing has been a noted problem with LCD and Plasma televisions. The prices are finally coming down, but they could have a long time ago. While keeping prices up is great for the businesses and stockholders, but bad for the lower-income consumer and it prevents the market from being competitive.

These are the types of things that make me hate Sony. Microsoft and Nintendo have their own closet skeletons, but Sony never seems to learn.


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